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Asian cities top list for costliest office space
By Cherry Cao |
December 19, 2012, Wednesday
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Print Edition
Print Edition
THE dominance of Asia-Pacific in the top 10 most expensive locations for global office space continued with Hong Kong remaining the world's most costly business location, according to a survey by CB Richard Ellis.
Hong Kong's Central had an overall occupancy cost of US$2,656 per square meter per year, followed by London's West End and Tokyo, CB Richard Ellis said yesterday in its biannual office occupancy costs survey of 133 markets.
Occupancy cost refers to rent, local taxes and service charges.
Beijing's central business district remained unchanged at No. 4 at US$1,990.78 per square meter and the capital's Finance Street ended No. 6 at US$1,933.09 per square meter.
Shanghai's Pudong New Area advanced two spots to No.15 at US$1,252.48 per square meter while Puxi retreated six spots to No.17 at US$1,165.19.
Asia Pacific, which has six of the world's top 10 most expensive markets, registered the second strongest year-on-year growth - an average of 2.6 percent - trailing America's 5.2 percent. Europe, Middle East and Africa dropped 0.4 percent, mainly hindered by a recession in much of Europe.
Hong Kong's Central had an overall occupancy cost of US$2,656 per square meter per year, followed by London's West End and Tokyo, CB Richard Ellis said yesterday in its biannual office occupancy costs survey of 133 markets.
Occupancy cost refers to rent, local taxes and service charges.
Beijing's central business district remained unchanged at No. 4 at US$1,990.78 per square meter and the capital's Finance Street ended No. 6 at US$1,933.09 per square meter.
Shanghai's Pudong New Area advanced two spots to No.15 at US$1,252.48 per square meter while Puxi retreated six spots to No.17 at US$1,165.19.
Asia Pacific, which has six of the world's top 10 most expensive markets, registered the second strongest year-on-year growth - an average of 2.6 percent - trailing America's 5.2 percent. Europe, Middle East and Africa dropped 0.4 percent, mainly hindered by a recession in much of Europe.
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